Weekly Market Insights

The markets continued to flourish last week. Investors were not deterred by a warning from Federal Reserve Chair Jerome Powell that interest rate hikes may not be over, and it is premature to speculate when rate decreases will begin. The S&P 500 and the Dow reached new 2023 highs, while the Nasdaq posted solid returns as all three indexes extended a run of five straight weekly gains. Despite additional output cuts by OPEC+, crude oil prices continued to lag as demand remained soft. Ten-year Treasury yields closed down nearly 80.0 basis points from a peak in October. Yields fell over 50.0 basis points in November, marking the largest monthly decline since August 2019. The dollar weakened, while gold prices finished the week at a record high.
Stocks edged lower last Monday as investors may have spent more time focused on Cyber Monday deals rather than stock market bargains. Each of the benchmark indexes listed here slipped marginally lower, with the Russell 2000 (-0.3%) falling the furthest, followed by the Global Dow and the S&P 500 (-0.2%), while the Dow (-0.2%) and the Nasdaq (-0.1%) also ticked lower. Long-term bond prices rose, pulling yields on 10-year Treasuries down 8.3 basis points to 4.38%. Crude oil prices dipped 0.7%, settling at around $75.00 per barrel. The dollar declined 0.2%, while gold prices rose 0.6%.
Last Tuesday saw stocks recoup losses from the prior day, while bond yields continued to decline. Among the benchmark indexes listed here, only the Russell 2000 closed in the red, falling 0.5%. The Global Dow advanced 0.4%, the Nasdaq rose 0.3%, the Dow climbed 0.2%, and the S&P 500 inched up 0.1%. Ten-year Treasury yields settled at 4.33% after falling 5.3 basis points. Crude oil prices rose 2.0% to $76.37 per barrel. The dollar fell 0.4%, while gold prices gained 1.5%, advancing for the second straight day.
Stocks closed mostly lower last Wednesday. Among the benchmark indexes listed here, only the Russell 2000 (0.6%) advanced, with the Dow and the Global Dow unchanged. The Nasdaq and the S&P 500 dipped 0.1%. Stocks began the day on an upswing as investor hopes for a strengthening economy got a boost by solid third-quarter gross domestic product data (see below). By the close of trading, most of the morning's gains were lost. Bonds continued to rally as yields on 10-year Treasuries lost 6.5 basis points to settle at 4.27%. Crude oil prices advanced for the second straight day, climbing 1.7% to $77.70 per barrel. The dollar and gold prices advanced.
Wall Street posted solid gains last Thursday to close out a strong November. Among the benchmark indexes listed here, only the Nasdaq ended the session in the red, down 0.2%. The remaining indexes added value, led by the Dow (1.5%), followed by the S&P 500 and the Global Dow (0.4%), while the Russell 2000 edged up 0.3%. Bond prices, which had been surging, slid lower, driving yields higher. Ten-year Treasury yields closed at 4.35% after adding 8.1 basis points. Crude oil prices fell 2.8% to $75.67 per barrel despite an announced cut in production by OPEC+. The dollar gained 0.7%, while gold prices fell 0.5%.
Stocks closed last Friday on an upswing, closing higher for the fifth straight week. The Russell 2000 enjoyed the best returns after gaining 2.8%, followed by the large caps of the Dow, which added 0.8%, the Global Dow rose 0.7%, while the Nasdaq and the S&P 500 gained 0.6%. Bond prices surged with yields on 10-year Treasuries falling 12.6 basis points to 4.22%. Crude oil prices declined 2.3%, the dollar fell 0.3%, while gold prices rose 1.6%.
Market/Index | 2022 Close | Prior Week | As of 12/1 | Weekly Change | YTD Change |
DJIA | 33,147.25 | 35,390.15 | 36,245.50 | 2.42% | 9.35% |
Nasdaq | 10,466.48 | 14,250.85 | 14,305.03 | 0.38% | 36.67% |
S&P 500 | 3,839.50 | 4,559.34 | 4,594.63 | 0.77% | 19.67% |
Russell 2000 | 1,761.25 | 1,807.50 | 1,862.64 | 3.05% | 5.76% |
Global Dow | 3,702.71 | 4,144.28 | 4,195.74 | 1.24% | 13.32% |
Fed. Funds target rate | 4.25%-4.50% | 5.25%-5.50% | 5.25%-5.50% | 0 bps | 100 bps |
10-year Treasuries | 3.87% | 4.47% | 4.22% | -25 bps | 35 bps |
US Dollar-DXY | 103.48 | 103.40 | 103.22 | -0.17% | -0.25% |
Crude Oil-CL=F | $80.41 | $75.54 | $74.31 | -1.63% | -7.59% |
Gold-GC=F | $1,829.70 | $2,003.00 | $2,090.80 | 4.38% | 14.27% |
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Economic data released during the first full week of December focuses on employment. The latest Job Openings and Labor Turnover Survey is for October. The previous report estimated 9.6 million job openings available in September, relatively unchanged from the prior month's total. This week, focus will also be aimed at the latest employment situation report for November. Employment has showed signs of slowing, with an estimate of 150,000 new jobs added in October, well below the downwardly revised September total of 297,000.
Market activity was subdued during Thanksgiving week, which saw stocks close higher. Each of the benchmark indexes listed here gained ground, led by the large caps of the Dow and the S&P 500. Each of the 11 market sectors ended the week higher, with health care, energy, and communication services leading the way. Treasury yields rose marginally higher, while crude oil prices slipped for the fifth straight week. The dollar declined, while gold prices advanced for the second consecutive week.
Thanksgiving week for Wall Street got off to a rousing start. Investors dove into the market last Monday, driving each of the benchmark indexes listed here higher. The Nasdaq gained 1.1%, the S&P 500 rose 0.7%, the Dow and the Global Dow added 0.6%, and the Russell 2000 climbed 0.5%. Communications and information technology were sectors driven higher by rising mega-cap tech companies. Ten-year Treasury yields moved very little, settling at 4.42%. Crude oil prices rose 2.1% to $77.50 per barrel. The dollar and gold prices dipped 0.4% and 0.3%, respectively.
A solid run for stocks ended last Tuesday as minutes from the last Federal Reserve meeting reminded investors that officials were willing to raise interest rates if economic data warranted it. Each of the benchmark indexes listed here lost value, with the Russell 2000 falling the furthest after dropping 1.3%. The Nasdaq declined 0.6%, while the Dow, the Global Dow, and the S&P 500 dipped about 0.1%. Ten-year Treasury yields slid to 4.41%. Crude oil prices changed little, closing at about $77.81 per barrel. The dollar ticked higher, while gold prices slipped minimally.
Stocks rebounded the day before Thanksgiving as markets were relatively quiet on one of the busiest travel days in the United States. The Russell 2000 recouped some ot its losses from the prior session, gaining 0.7%. The Dow and the Nasdaq added 0.5%, the S&P 500 rose 0.4%, and the Global Dow ticked up less than 0.1%. Ten-year Treasury yields remained at 4.41%, while crude oil prices ended a mini rally, falling 1.34% to $76.73 per barrel. The dollar climbed 0.3%, while gold prices fell 0.5%.
The New York Stock Exchange closed last Thursday for Thanksgiving and shut down early on Friday. Investors may have been more interested in the start of the seasonal shopping season last Friday, as they paid little attention to the market. The Nasdaq ticked down 0.1%, while the remaining benchmark indexes listed here posted gains, led by the Russell 2000 (0.7%), followed by the Dow and the Global Dow (0.3%), while the S&P 500 edged up 0.1%. Yields on 10-year Treasuries climbed 5.3 basis points to 4.46%. The dollar slid 0.4%, while gold prices climbed 0.5%. Crude oil prices fell 2.0%
Market/Index | 2022 Close | Prior Week | As of 11/24 | Weekly Change | YTD Change |
DJIA | 33,147.25 | 34,947.28 | 35,390.15 | 1.27% | 6.77% |
Nasdaq | 10,466.48 | 14,125.48 | 14,250.85 | 0.89% | 36.16% |
S&P 500 | 3,839.50 | 4,514.02 | 4,559.34 | 1.00% | 18.75% |
Russell 2000 | 1,761.25 | 1,797.77 | 1,807.50 | 0.54% | 2.63% |
Global Dow | 3,702.71 | 4,110.70 | 4,144.28 | 0.82% | 11.93% |
Fed. Funds target rate | 4.25%-4.50% | 5.25%-5.50% | 5.25%-5.50% | 0 bps | 100 bps |
10-year Treasuries | 3.87% | 4.44% | 4.47% | 3 bps | 60 bps |
US Dollar-DXY | 103.48 | 103.87 | 103.40 | -0.45% | -0.08% |
Crude Oil-CL=F | $80.41 | $75.78 | $75.54 | -0.32% | -6.06% |
Gold-GC=F | $1,829.70 | $1,982.80 | $2,003.00 | 1.02% | 9.47% |
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
The last week of November brings with it the release of some important economic data: the latest report on gross domestic product and the report on personal income and outlays. GDP advanced 4.9% in the third quarter, according to the initial estimate, well above the second quarter advance of 2.1%. The report on personal income and outlays includes the personal consumption expenditures price index, the preferred inflation indicator of the Federal Reserve. Prices advanced 3.4% for the year ended in September, while core prices rose 3.7%.